You pretty much got it! The receiver status displays height above ellipsoid. Orthometric height, what you are referring to as “actual” height, is adjusted by a geoid model. So, you would need to use a project with the geoid offset in place and then you would still need to do a measurement to see the exact ortho height.
You could measure a point, do the math to find out the offset, and then when you walk around, you would have a good idea what the ortho height is by applying the offset in your head.
Your solution is FLOAT also, not FIX, so it’s going to off even more.
Just set up a test project, hook up your correct coordinate system (i.e. state plane based on NAD83) (NAD83(2011) / Massachusetts Mainland (ftUS) USA • EPSG:6492) and hook up your GEOID for your region. (NAVD88(GEOID18) height (ftUS) us_noaa_g2018u0.tif USA EPSG:6360) Look at the bottom of the screen and you can watch your location and orthometric elevation change as you travel. (May need to scroll it left to see it). ( 1:40 in. https://youtu.be/xrYbsy8YybM?si=Jmf8ASDQko_TyQQL)